Rupert Murdoch also announced in a memo to all staff on Tuesday (April 16) that the 20th Century Fox name will be retained by the media conglomerate's TV and film studios, "in recognition of their rich histories and strong connections with audiences across the globe".

"21st Century Fox is a name that draws upon the rich creative heritage of Twentieth Century Fox, while also speaking to the innovation and dynamism that must define each of our businesses through the 21st Century," Murdoch added.

"Our new name is inspired by the very first company we acquired nearly thirty years ago as our initial foray into the awe-inspiring world of entertainment."

21st Century Fox will also be home to Fox's TV interests, including its US television networks and subscription-based TV services around the globe.